D&M Nonprofit Industry Newsletter

Summer 2024

Does Your Nonprofit Need an Annual Audit?

Many people wonder whether a nonprofit organization needs an annual audit. The answer is that it depends. While there is no federal requirement for a nonprofit to undergo an audit, there are many possible triggers that could make it necessary. This article discusses situations when an audit is required, the benefits of having one even when it's not mandatory, and possible alternatives to an audit.

Nonprofits: Take Another Look at Inflation Reduction Act Tax Breaks

You’d be forgiven for ignoring tax breaks contained in the Inflation Reduction Act. After all, they won’t help tax-exempt organizations. Or will they? In this article, we will explore two of the provisions in the act that could benefit your nonprofit.

Building a Better Nonprofit Rules for Restructuring

Since Revenue Procedure 2018-15 went into effect, nonprofit restructurings have generally become easier for organizations that qualify. However, it is essential to first ensure that your restructuring plans meet specific conditions. Here, we will take a look at the process.

When Do 501(C)(6) Organizations Risk Their Exempt Status?

Not-for-profit trade associations generally can’t perform services that benefit only some of their members. If you lead a 501(c)(6) group, ensure such offerings are limited. In this article, we explain why it is important to read up on the rules to ensure you are in compliance.

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About Dannible & McKee, LLP

Dannible & McKee, LLP has been providing audit, tax and strategic advisory services to clients nationwide since 1978. The hallmark of our firm is our technical expertise, depth of experience and approach to delivering quality service to our clients. We specialize in helping nonprofit organizations operate more efficiently and effectively, and we are well-versed in the unique accounting principles and board governance issues that apply to them. Our full-service accounting services department offers various services to nonprofit organizations, including payroll tax reporting, bank reconciliations, general ledger maintenance and preparation of monthly, quarterly and annual financial statements.

OFFICE LOCATIONS:

DM Financial Plaza, 221 South Warren Street, Syracuse, NY 13202

213 North Street, Suite 101, Auburn, NY 13021

200 Harborside Drive, Suite 201, Schenectady, NY 12305

220 Stage Road, Vestal, NY 13850

3001 N. Rocky Point Drive, Suite 214, Tampa, FL 33607

To learn more about Dannible & McKee, visit us at www.dmcpas.com.